Pakistan heading in right direction and will not default: Ishaq Dar

• Finance Minister Ishaq Dar said that Pakistan has a beautiful future.
• He said the government heard every day that Pakistan will default.
• The smuggling to neighbouring country main reasons behind poor economy.

ISLAMABAD: Federal Finance Minister Ishaq Dar said Pakistan is heading in the right direction and will not default.

While assuring investors at the Pakistan Stock Exchange (PSX), Finance Minister Ishaq Dar said that Pakistan has a beautiful future and a resilient economy and there is no chance of default. He said the government heard every day that Pakistan will default but there is no chance.

“Pakistan is in a tight [fiscal] position and we do not have $24 billion in reserves which the PML-N government left in 2016 and it’s not my fault. The fault is in the system and we must ensure Pakistan goes forward,” said the finance minister.

Finance Minister urged political parties to show some serious attitude and stop playing with the country’s economy for petty political gains. He further said that the Securities and Exchange Commission of Pakistan (SECP) is of great significance in improving the country’s economy and the government was focusing to improve its functioning.

“We have not banned imports but prioritized import items under different categories so the essential items can be imported on a priority basis,” Ishaq Dar said, adding that essential items including medicine and edible oil have been put in category one, energy imports in category two, imports for the export-oriented industry in category three while imports for the agricultural industry in category four.

He said nations and politicians should learn from the mistakes of the past and work together for the development of the country.

The Finance minister said the smuggling of the greenback to a neighbouring country, import of wheat, and its partial subsidization and smuggling of wheat and fertilizers are the three main reasons behind the deteriorating economy.

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Dar said he had instructed the law enforcement agencies to ensure that the smuggling of all three items was stopped.